WHAT IS DUAL AGENCY?
Dual agency is a real estate term that means one agent or brokerage represents both the seller and the buyer in the same real estate transaction. A dual agent must walk a narrow path to be neutral toward both parties, and they may not disclose confidential information to either party. Dual Agents are NOT ALLOWED to negotiate for either the Buyer or the Seller because a Dual Agent IS THE LISTING AGENT trying to help a buyer purchase the home the Listing Agent is being paid by the Seller to Sell.
Dual Agents are PAID MORE IF THEY ACT AS DUAL AGENTS, BUT THEY HELP BUYERS/SELLERS LESS.
The Dual Agent can not help the Buyer negotiate the lowest price for the property because the Dual Agent is the Listing Agent and has duties to the Seller to get the Highest price possible. So the Dual Agent can not help either party at all. Its a no win situation for all parties involved.
Contact US to BUY or SELL your home!
What a Good Listing (Seller's) Agent Does
A good listing agent WORKS FOR THE SELLER. They maintain the upper hand during negotiations and protect their seller's interests while selling the home for the highest price possible in the shortest period of time. They understand the fine nuances that separate homes and neighborhoods from their identical counterparts by using the science of comparative market analysis. This is designed to compute a reasonably acceptable asking price.
These agents offer extensive marketing campaigns comprised of a combination of direct mail, advertising, networking, and online publishing. They entice agents to show their properties, and buyers to tour them.
They understand staging. They're can advise sellers on how to prepare the home for sale, in addition to maintaining a referral network of staging professionals and other contractors. They can showcase the home's strengths while downplaying its weaknesses.
What a Good Selling (Buyer's) Agent Does
A good Buyers Agent WORKS FOR THE BUYER ONLY. They protect the BUYERs interests during negotiations and protect their Buyers interests while buying a home. They help the Buyer with inspections, and understand the hidden hazards that can be found in homes. This type of agent is ideally patient, compassionate, a good listener, and a problem solver. Buyers' agents are dedicated to figuring out what the buyer wants and delivering it.
They love to show homes. They understand how homes are constructed, and how to make improvements that will ultimately boost value in the event of resale.
Buyers' agents are organized, detail-oriented, and they possess excellent follow-up skills. They tend to develop a keen insight into the rock-bottom prices that sellers might accept.
They're gracious, polite, and professional, even under trying circumstances. Associates enjoy working with them. They know the neighborhoods, and they always have a solid grip on what's available now, as well as what was available yesterday.
CUTTING EDGE REALTY LLC
SALES, LEASING, AND ACCOUNTING
2102 N OAKLAND, DECATUR AND 1400 W ANTHONY DR, CHAMPAIGN
HOW DOES COMMISSION WORK? WHAT IS IT? WHO PAYS IT?
Commission is the paycheck for the Realtor. They are only paid when a property sale closes successfully. Commission is usually a percentage of the sale amount and percentages can range from area to area and office to office.
The commission is usually paid by the Seller. When a Seller signs a Listing Agreement with a Realtor to sell their property, they agree on a commission amount to be paid when the property sells. The Listing Agent will note the amount on the local MLS for other Realtors to see when they List the property.
When the property is SOLD- and there are 2 Realtors involved- A Buyers Agent and the Listing Agent (Sellers Agent) the Realtors SHARE the Commission. Usually 50% to Buyers Agent and 50% to Sellers/Listing Agent of the agreed commission paid by the Seller at closing.
If there is only 1 agent involved- a DUAL AGENT- then 100% of the agreed commission goes to the 1 agent. This is ALWAYS THE SELLERS AGENT/LISTING AGENT
Does the BUYER save money since there is only one agent? NO.
The Seller has agreed in writing on what they will pay the Listing Agent if they sell the property. The only way for the agent to get paid the most is to act as a DUAL AGENT so they can keep it all and not share with other Realtors. That is why so many agents show you their own listings first, or only show you their own listings- if you buy it they make twice as much money!
Does a Buyers Agent cost the Buyer Money? NO (99.9% of the time)
In Residential Real estate transactions- the Listing Agent shares commissions with the Buyers Agent. Once in a blue moon a Buyers Agent may charge a small commission, but Buyers are informed up front, and it is usually found in commercial real estate transactions or between Realtors of different Multi-Listing Services. MOST Realtors rely on the Sellers and Listing Agents to share commissions as required by MLS systems.